Many lenders are offering incentives to short sale your home…
Chase has the outreach program which I have personally seen someone walk away from the closing table with a check for $35,000.
On top of these program you can overlay the HAFA short sale for an additional $3,000.
Enhanced Short Sale Relocation Assistance for Florida Homeowners
For the last few months, RE/MAX and Bank of America have been cooperating in an Alternative Right Party Contact program across the United States. ARPCis designed to allow agents a unique way to reach out to delinquent homeowners and inform them on foreclosure alternatives like Short Sales.
Now, in an effort to motivate homeowners in Florida to consider a Short Sale, Bank of America is offering enhanced relocation assistance for a limited time. Eligible Florida homeowners may now qualify to receive a cash incentive of $5,000 to $20,000 and have any deficiency waived.
Homeowners in the State of Florida
Q: How can I find out if my client qualifies for this relocation assistance?A: Call a Oasis Title Company's Short Sale Department at 561-362-7355
Q: Are there different procedures for initiating or completing these Short Sales?A: No, as long as the homeowner meets the eligibility requirement shown above.
Q: Will the relocation assistance funds be reported on the HUD-1?A: Yes, they will be documented on the HUD-1 and a 1099-MISC will be issued.
Q: Can the relocation assistance funds be used to pay off existing liens?A: Yes, if the investor approves it.
Q: Is the relocation assistance in addition to other incentives from the Bank, HAFA or others?A: No, cash incentives under this program would be in place of other incentives.
Q: Is the enhanced relocation assistance available for other programs?A: Currently, these incentives are only available to Short Sales initiated without-on-offer.
Agents are encouraged to visit the Agent Resource Center at bankofamerica.com/realestateagent
And to the agent networking and resource site www.theshortsaleguide.com
ARPC details are If you have received one of these offers they are for real and can get you out of your home.
Make sure you immediately contact a Realtor and listing your home as one of the requirements is that you submit a listing agreement back to them with your signed offer.
Contact us for more information and to get started listing your home today.
If you have any question, please feel free to contact us.
They are offering homeowners anywhere from $20,000 to $35,000 to do so.
**Be on the look out for these letters because if you don’t respond within a certain time frame they will expire.
You will need to quickly contact a realtor to have your house listed so that you can send in the listing agreement within the time frame allowed.
Saxon has been known to send out pre-approved short sale letters.
In the letters we have seen they offer you to sell your home and as long as they receive a certain net from the proceeds they will let you keep the rest.
If you haven’t received one and your are being serviced by Saxon, you should call them to see if you qualify for this program.
Basically, how the program works is if you meet certain criteria set forth by HUD…HUD will perform a new appraisal of your home and accept roughly 88% of the current homes value satisfying he old mortgage note.
Key Factors are:
HUD allows up to 1% of the buyer’s mortgage amount for closing costs to be included in the “Seller’s Costs” on the HUD-1 for all transactions that involve a new FHA-insured mortgage.